New York Gov. George Pataki is expected to sign into law a revised bill legalizing limited ticket scalping for events at venues with 6,000 seats or more.
An earlier version of the bill passed June 1st would have allowed scalpers to sell tickets without any price restrictions. That provision was changed after Pataki said he wouldn’t sign on the dotted line without a 45-percent cap on resale pricing.
Under current law, ticket buyers can only resell their ducats for the greater of $5 above face value or 20 percent more than what they paid. The new bill also prevents scalpers from bypassing the price cap by adding service charges or delivery fees.
“The governor had some concerns with the original legislation and wanted to put in place additional safeguards that will help protect New Yorkers from exorbitant ticket prices and bogus fees,” Pataki spokesman Kevin Quinn said.
A person or business will have to pay a $5,000 licensing fee to be able to resell tickets.
The current law will remain in effect for venues with less than 6,000 seats to protect Broadway theatres from scalpers.